World News: 14:48 GMT Friday 12th July 2019. [AV Group Ltd. via Businesswire via SPi World News]
AV Group Ltd. (“AVG”) is a Cayman based asset manager with offices in New York, Cayman Islands, Norway and Singapore with a focus on growing Norwegian based ESG and Impact companies globally.
AVG has just launched a Singapore based Fund called the “Elite Innorvate Fund Pte Ltd.” in conjunction with their strategic investment partner, Elite Partners Capital Ltd. This Fund has a particular focus on bringing Norwegian companies to SE Asia and China in order to build upon the Polar Silk Road initiatives. AVG has partnered with Elite Partners Capital Ltd. to help Norwegian companies find strategic partners throughout Asia. The target AUM for the first Fund in Singapore is US$50 million.
The Fund’s first investment of (US $2.2 million) is Tag Sensors from Mo I Rana Norway. Tag Sensors has developed a low-cost, printable temperature sensor that can be attached to a product or package, facilitating continuous tracking of an item’s temperature from production to consumption.
AVG has been a strategic partner to Tag Sensors since 2015 and helped their company raise the first investment capital from Platform Ventures in 2016 (US $1.25 million). This allowed the company to obtain matched government funding from Innovation Norway, a key component to the strategic growth of the company.
AVG has also launched a second Fund called the Norwegian Innovation Fund, LP, with a target capital raise of (USD $200 million). Complementing the Singapore based Fund, the Norwegian Innovation Fund, LP will expand upon ESG and Impact tech companies. The investment focus is on the strategic core areas of Norwegian growth which are clean tech, smart city/society tech, ocean space tech and the strategic core areas of Norwegian growth. The Norwegian Government provides strategic financial matches to investments in these core areas to which the Fund optimizes for each of the portfolio companies.
The Official signing ceremony of Tag Sensors was attended by AVG’s Singapore based managing partner, Arnie Chaudhuri, Knut Nygaard of Tag Sensors, her Excellency Anita Nergaard, and Innovation Norway’s Director and Commercial Councellor Pal Kastmann.
Business Wire: 14:48 GMT Friday 12th July 2019
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